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Government cuts excise duty; petrol, diesel prices slashed by Rs 2 per litre with effect from October 4

03-10-2017 | Pratidin Bureau. |

The Indian government today reduced the basic excise duty on Petrol and Diesel by Rs 2 per litre to cushion the impact of rising international prices of crude oil and retail prices of petrol and diesel.

The reduction will apply on both branded and unbranded Petrol and Diesel and is expected to provide much needed relief to the common man. The announcement was made by the finance ministry and will come into effect from October 4.

Finance Ministry said the revenue loss on account of these reductions will be about Rs 26,000 crore in a full year and about Rs 13,000 crore rupees during the remaining part of the current financial year.

The rising prices of the two petroleum products had evoked criticism of the government by opposition parties.